Bankwell Financial Group, a commercial bank with seven offices in Connecticut's Fairfield County, raised $49 million by offering 2.7 million shares at $18, the low end of the revised range of $18 to $19. The company had originally planned to sell 2.2 million shares at $21-$24 before cutting its price range on Tuesday. Insiders indicated interest in purchasing up to $8.4 million of the deal. Bankwell Financial Group plans to list on the NASDAQ under the symbol BWFG. Sandler O'Neill and Keefe Bruyette Woods were the underwriters on the deal.
